Hesai Technology Announces First Quarter 2024 Financial Report

Hesai Technology achieved revenue of RMB 360 million in the first quarter of 2024, down 16.5% from the first quarter of 2023. The total delivery volume of LiDAR reached 59,101 units, a year-on-year increase of 69.7%. Among them, the delivery volume of ADAS products was 52,462 units, a year-on-year increase of 86.1%. The gross profit margin was 38.8%. The revenue in 2Q24 is expected to be between RMB 440 million and RMB 460 million. In addition, Hesai Technology has reached a cooperation agreement for the mass production of LiDAR with two of the top ten global automakers in terms of revenue.